Ripple has established a regional office in the Dubai International Financial Centre, or DIFC, according to a Nov. 7 announcement.
For its “innovative regulations.” the blockchain-based payments firm reportedly chose the location. The DIFC website states that the special economic zone serves more than 2,500 companies. As a “independent regulator” with a “proven judicial system” across the Middle East, Africa, and South Asia.
“Ripple already has a significant client base in the MENA [Middle East and North Africa] region. And the opportunity to co-locate with our customers made DIFC a natural choice,”. Said Navin Gupta, Ripple’s managing director. “Our regional office will serve as a springboard to introduce our blockchain based solutions. And deepen our ties with even more financial institutions in the region.”
CEO Brad Garlinghouse and co-founder Chris Larsen talked about moving the company’s San Francisco headquarters to a country with more regulatory clarity than the United States. Ripple has shortlisted Japan and Singapore as a potential venue for its new offices.
The DIFC, based in the United Arab Emirates, allegedly offers blockchain companies. Such as Ripple no corporate income and profit taxes for at least 50 years. The Dubai Multi Commodities Centre, the largest free zone in the UAE, announced in January. In addition to the financial centre, that it plans to launch a new type of crypto valley.
Compared to that of Bitcoin (BTC) and Ether (ETH) in 2020. Ripple’s move comes amid increased volatility of the XRP token. XRP ‘s volatility over Q3 was greater than that of BTC and ETH, representing an increase in volatility from that in Q2 and Q1. Acording to the Q3 2020 XRP Markets Report released on Nov. 5.
XRP is currently trading at $0.25, having risen in the last 24 hours by 2.09 percent.